Turning Point Brands expands ATM equity program by $200M after exhausting prior $100M

Turning Point Brands, Inc.

Original ATM program of $100M nearly tapped with $99,999,137 gross proceeds sold.
Amendment increases additional offering capacity by $200M effective November 5, 2025.
Sales agents remain B. Riley Securities and Barclays Capital; shares sold at market prices.
Milbank LLP provides legal opinion on the additional shares; filed as Exhibit 5.1.

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